Making the Most of Your Supplier Diversity Data
Over the past few years, supplier diversity in Oil & Gas has become an increasingly common component of ESG commitments across the industry, while enabling companies to tap into a broader array of talent and skills as the industry evolves to meet the rising tide of global demand.
As more companies look to build diverse supplier pools, it’s all for naught if they can’t identify and report on suppliers who meet their diversity requirements within their existing AVL. If you can’t identify diverse suppliers you can’t leverage them. And if you can’t report on utilization, there’s no way to attribute positive steps in this area to results against your broader ESG goals.
Success in this arena relies on an operator’s ability to track and easily surface vendor diversity types. Workrise has solved for visibility by enabling discovery of the diverse suppliers operators already do business with, as well as making it easier, faster, and safer to fill sourcing gaps and onboard new vendors from our nationwide network.
Below are a few key ways that Workrise empowers Oil & Gas leaders to take meet their vendor diversity requirements:
Access: A Single Source of Truth for Vendor Diversity Data
Similar to how Workrise collects compliance, HSE and safety ratings, diversity classifications are no different. When a new vendor is onboarded, they are prompted to voluntarily identify themselves according to specific diversity criteria. All of this is stored on the Workrise platform, becoming a single source of truth (SSoT) for vendor diversity data, accessible in just a few clicks.
When vendor diversity data is easily accessible, Oil & Gas leaders can leverage it in their daily decision making. No more manual triangulation of disparate data and reporting across systems.
Sourcing: Fill Gaps More Easily
Visibility into vendor profiles makes it easier to leverage the Workrise network to fill sourcing gaps in a manner that aligns with your ESG commitments. With costs in Oil & Gas expected to increase from six to ten percent this year due to labor uncertainties, creating pathways to reduce reliance on concentrated suppliers, and instead, securing other avenues to expand your approved vendor list (AVL) can reduce friction and lead to more time- and cost-efficient project management.
With Workrise, operators have the ability to source diverse suppliers in every major basin from our nationwide network.
Competition: Increase the Resilience of Your Supply Chain
As energy companies expand their supplier networks to accommodate deeper pools of diverse suppliers, there is a hidden benefit: increased competition.
As we’ve discussed, competition is a key ingredient to building a more resilient supply chain. More competitive bids empowers operators to negotiate better prices, resulting in cost savings of up to 15 percent per bid. And more depth across service categories ensures that operators have qualified backups to call on in any region, if and when a supplier falls through.
A Healthy Exercise
When you step back, the actions required to be able to leverage and report on diverse suppliers in an Oil & Gas operator’s vendor base are no different than the actions operators should be taking to improve their supply chain operations across the board.
To recap, these are:
- Implementing a single source of truth for vendor requirements, data, and reporting
- Finding ways to efficiently source suppliers who meet their specific requirements
- Taking advantage of the operational efficiencies and pricing leverage afforded by increased competition and category depth across regions
Whether supplier diversity is the catalyst for something new, or simply a requirement to meet, taking these steps will improve any Oil & Gas company’s ability to manage their supply chain full stop.
Workrise can be that single source of truth, and the unlock to greater depth and competition across categories (without adding to your AVL). Real-time data, 6x faster onboarding, and lower relationship management costs are just a few reasons the biggest players in Oil & Gas choose Workrise.
It’s not magic.
Book a demo today to learn how Workrise can help you reach your supplier diversity - and greater supply chain - goals.
In Oil & Gas, 2024 Will Be The Year of Doing More with Less
The good news: Despite the continuing wave of consolidation sweeping through the industry, you don't have to buy a company to improve the efficiency of your operations.
The Trans Mountain Saga: A Warning Shot for Washington
While we can recognize the win that the project's completion represents, the Trans Mountain saga reveals the dire need for infrastructure policy and regulatory reform.
3 Reasons Why Congress Should Not Be Concerned with Oil & Gas Consolidation
Despite alarm bells in Washington, the current M&A wave in Oil & Gas will benefit the consumer, the country, and the planet.